The process of developing local industries to manufacture goods to replace imports is known as
A. export favoritism.
B. export promotion.
C. import promotion.
D. import substitution.
Answer: D
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Capital stock will increase as long as
A) gross investment exceeds depreciation. B) capital deepening decreases. C) net investment equals zero. D) depreciation exceeds real GDP.
If companies who took into account an externality want to supply less at any given price compared to the original market supply, it must be a:
A. positive externality. B. negative externality. C. network externality. D. social externality.
Did the large U.S. budget deficits in the 1980s “crowd out” investment as some economists had predicted?
A. Yes, investment dropped as predicted. B. Yes, although investment did not fall nearly as much as some had feared. C. No, investment was not crowded out, but net exports dropped. D. No, no crowding out at all occurred.
The difference in wages paid to major-league baseball players and minor-league baseball players is most likely due to
a. differences in chance. b. differences in natural ability. c. the fact that the players' union is strong. d. a compensating differential.